Limited-service merchant wholesalers are less likely than full-service merchant wholesalers to do which of the following?
A) set the prices of the merchandise they sell
B) take title to the merchandise they sell
C) suffer financial losses if the merchandise they sell is damaged or stolen
D) offer marketing assistance or delivery for the products they sell
E) use their own sales force
D
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An understatement of ending inventory in one period results in
A) an overstatement of the ending inventory of the next period. B) an understatement of gross margin of the next period. C) an overstatement of gross margin of the next period. D) no effect on gross margin of the next period.
Objectivity is
A) writing with such accuracy that others can duplicate the procedure. B) using inductive and deductive reasoning to come to valid conclusions about natural phenomenon. C) not letting bias or personal opinion affect one's observations.
______ focus on the completion of a specific project, typically within a limited time frame. The members are selected primarily based on the task-related skills required by the group.
Fill in the blank(s) with the appropriate word(s).
Robert is a pastor at United Church. One of the members of his congregation, Mrs. Smith, is a
very devout believer. Robert convinces Mrs. Smith to sell him her farm for $5,000. The actual value of the farm is $500,000. Mrs. Smith dies and her estate sues to get her farm back. Which of the following best describes this situation? A) This is a case of undue influence, so the estate can rescind the contract. B) This is a case of fraud, so the estate can rescind the contract. C) Unless Robert can prove that there was no undue influence, the contract can be rescinded. D) Mrs. Smith is a competent adult and may dispose of her property in any way, and for any price she sees fit. E) This is not a case of undue influence because there is no fiduciary relationship.